Safeguarding Week- Lending Money
Lending Money
Often friends and family might ask if they can borrow some money from you, and this can put you in a difficult position. Here are some things to think about before giving money to other people.
Talk to a trusted adult
If anyone asks to lend money from you always discuss with a trusted adult. This could be your parent, carer, teacher, work colleague or partner.
Can I afford to lose that amount of money?
Sometimes, people borrow money and don’t pay it back. This can be very disappointing, and can make life very difficult, especially if you lent someone a large amount. If you don’t think that you could get by without the amount of money that someone is asking for, you shouldn’t lend them the money.
Would I be upset if I wasn’t paid back?
If you would be upset that you didn’t get the money back, don’t lend someone money, especially if you have lent them money before that they haven’t repaid, as this can be a sign that they are unlikely to pay you back.
Could I help this person in another way?
There are many ways you could help a friend for free, such as assisting them with tasks around the house, making them food, or even just being there to listen if they need to talk.
How do I build boundaries?
It’s important to build up boundaries with people in our lives so that they don’t take advantage of us or make us feel uncomfortable. It’s okay to say no to things. It could also be helpful to practice saying no to small things so that it’s easier to say no to bigger things.